ETI total assets crosses N5trn
Ecobank Transnational Incorporated (ETI) total assets achieved a milestone of N5 trillion, becoming the first financial institution to such despite macro-economy challenges faced by African countries where it is operating and dwindling global oil prices.
According to ETI unaudited result and accounts for the six months ended June 30, 2016 released to The Nigerian Stock Exchange (NSE), the group reported that total assets increased by 28 per cent from N4.6 trillion as at December 31,2015 to N5.9 trillion as at June 30, 2016.
Key financial parameters that contributed to the pan-African total financial position include 23 per cent increase in loan and advances to customers from N2.3 trillion to N2.86 trillion and deposits from customers that moved from N3.1 trillion to N 4 trillion within half year, representing an increase of 26 per cent.
The financial institution’s profit for the first six months dropped by 35 per cent from N48 billion to N41.6 billion.
According to the unaudited results, ETI profit before tax fell by 32 per cent N41.6 billion from N61.4 billion reported in first six months of 2016.
Further extract from ETI income statement includes marginal drop of 0.2 per cent in gross earnings from N273.99 billion to N273 billion while total operating expenses in six months rose by one per cent from N132 billion to N134 billion.
Group Chief Executive Officer, ETI, Mr. Ade Ayeyemi said: “Our results for the first half of the year were modest, achieved in a period of subdued economic activity and market uncertainty. Our diversified business model, a source of competitive strength, and strategy positively contributed to underlying results.
“Revenues, in constant dollars, were relatively unchanged from the prior year period, while earnings decreased due to higher impairments.
The efficiency ratio of 64.3per cent was within target, despite the revenue headwinds, driven by actions we continue to take to reduce costs which will yield future benefits.
“Though the economic environment broadly continues to be challenging, we are seeing progress in our initiatives to improve credit quality.
“Our balance sheet growth was significantly impacted by the depreciation of the Naira and our cautious stance on lending. Our capital adequacy ratio at period end was 23.9 per cent under Basel 1.”
He concluded: “We see opportunities to serve our clients in this challenging period and applaud Ecobankers, our most valuable resource, for continuing to deepen relationships with our clients.”
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